West Coast beach front soaring in value

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By 2017-10-19

"Beachfront property along the West Coast is seeing the highest rates of return in Sri Lanka, averaging a 10% yield or greater. While rentals are predominantly seasonal, these returns reflect long-term rental rates. In addition, areas such as Negombo, which are more affordable, result in better investments when compared to those on the Southern coast," according to Pinnacle Residencies (Pvt) Ltd Managing Director Eranga Welikala, who has served years in the local real estate sector.

Pinnacle Residencies and Floreat Homes (Pvt) Ltd, recently launched the luxury beachfront condo development 333 Pinnacle in Negombo. Exclusive property marketing and sales for this development was carried out by My Property (Pvt) Ltd, a real estate company in Sri Lanka with a global outlook. My Property (Pvt) Ltd is a wholly-owned subsidiary of Dwellings Group, Australia.
Welikala also noted, "From a global standpoint, beachfront properties basically never lose value. As our population grows, more and more people are going to want to live near the ocean, boosting the price of new developments, so it is better to get in early. Think of it as an investment; you will be able to sell it later for much more than what you paid, probably making several million rupees in the process. Meanwhile, you will be able to walk on the beach every morning, and enjoy beachfront living, free of pollutants and high in oxygen; one of the main reasons that beachfront homes are in such high-demand across the world."

"Beachfront apartments are also easy to rent out as holiday homes, with people willing to pay a fortune to stay near the beach. Also, with Negombo being very close to Bandaranaike International Airport, there is huge potential to rent to transit travellers, which we can help with, so these apartments are multifaceted in terms of investment opportunities," he added.

Developed by Pinnacle Residencies and built by Floreat Homes, 333 Pinnacle oversees the West coast in an upscale Negombo neighbourhood. The development purports a great price per performance factor with several amenities and features included in the property.

"333 Pinnacle was designed from the client's perspective rather than the industry standard point of view, so it boasts more than twice the usual leisure spaces, in addition to two pools, a Jacuzzi and a gym, all of which are on the fourth floor, in addition to a landscaped area on the roof," revealed Welikala.

With this development, Pinnacle Residencies and Floreat Homes hope to promote beachfront living with more environmentally conscious lifestyles within the upcoming Colombo Megapolis, concluded the release.

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